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December 9, 2023
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Tempe, AZ Res Community Gets New Ownership After $45 Mil Deal


La Cresenta Park and Gardens, a 138.1k sf, 197-unit multifamily community in Tempe, AZ, was purchased by Rise48 Equity LLC for $45 mil in an off-market transaction. The seller was Brookhill Corporation.

The two-story, garden-style property, located at 1025 E Orange St, features 17 studio units, 101 one-bedroom units, and 79 two-bedroom units. The buyer will rebrand the property as Rise at the Retreat. Community amenities include pools, barbeque/picnic areas, courtyards, club house, playground, and spacious laundry room. The property is within walking distance to Arizona State University and the Apache Boulevard & Dorsey Lane stop of the Valley Metro Light Rail.

Brett Polachek, Chris Canter and Brad Goff with Newmark represented the buyer in the deal.

“The Greater Phoenix multifamily market continues to see major demand from both institutional and private investors as employment and population growth, construction activity, and rental rates all continue to rise,” said Canter.

The Greater Phoenix multifamily segment has proven resilient over the past year due to strong population and job growth. According to a report from Newmark Research, Phoenix has experienced remarkable multifamily rent growth of 10% plus over the past year. As a result, investors have flocked to the Phoenix multifamily market, with a 13.7% increase in multifamily sales volume over the prior five-year average.

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